APCOA PARKING Group: In the Wake of the Successful Refinancing

Funds from operation increase by 1.9 million euros to a total of 23.5 million euros

Profit before taxes climbs to 8.4 million euros

Business lines PARK & CONTROL and parking management expand across Europe

APCOA PARKING Group, Europe's leading parking facility operator, registered a substantial gain in funds from operations and profit before taxes during H1 2015. “With the successful refinancing bid in place since the end of last year, we created the conditions for continued international growth,” said Ralf Bender, CEO of APCOA PARKING Group. During the first six months of 2015, APCOA grossed consolidated revenues of c. 326 million euros (H1 2014: 325 million euros). As service provider for contractual partners, the group of companies realised additional external sales of c. 187 million euros that are not included in the consolidated revenues. Accordingly, the total sales volume once again exceeded half a billion euros by midyear (513 million euros, up from 512 million euros the previous year).

The earnings before interest and taxes (EBIT), which rose from -7.4 million (H1 2014) to 8.4 million by the end of the concluded semester are particularly impressive. At the same time, the earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose by 1.9 million euros year on year during H1, from 21.6 million euros to 23.5 million euros. Owing to a better capacity utilisation of parking facilities, APCOA also improved its operating margin by altogether 1.2 percent, from 14.3 to 15.5 percent

Across Europe, the company continued to gain ground with new parking management and parking enforcement mandates, adding 366 new locations and bringing the total up to 8,561 locations. Aside from growth spikes in the segments city parking and hotels with 37 and 39 new locations added, respectively, the majority of new mandates represented the business unit PARK & CONTROL, which is to be further expanded internationally.

“We are registering a rising demand in this line of business line that is generated by retail companies and private property owners who wish to make sure that their customer parking spots are not occupied by unauthorised third parties”, said Bender. For instance, PARK & CONTROL signed new agreements for the German branches of the Dutch non-food discount multiple Action and for the branches of the German food multiple Tegut.

Parking Management also Gathering Momentum

APCOA also added parking management mandates across Europe to its portfolio. Cases in point include Gdańsk Airport, the Opole shopping mall and the Warsaw Financial Center in Poland. Another instance is Switzerland where APCOA acquired the mandate for the multi-storey car park at the convention centre of Biel. The agreement with the Centralbahnparking multi-storey car park in Basel was renewed. In the Italian city of Milan, APCOA signed an agreement for the “Porta Nuova Varesine” car park. At the same time, the company continued to expand its so-called Telepass service in Italy. The system offers motorists a contactless and cashless option for entering and exiting car parks by using their Telepass transponder.

Bright Outlook for Continued Growth

“After years of stagnation, we are seeing a trend toward rising parking rates, not least against the background of rising costs for urban mobility, including for public transportation, taxi and rail”, said Bender. Here, prices have been rising at a rate of seven to ten percent since 2012. Some cities and municipalities have actually doubled their fines for illegal parking. The price growth in parking, by contrast, has averaged around two percent since 2012. “APCOA Group's trend in revenues in July and August makes us quite confident that we will see further growth in the second half of the year. Given the robust capacity utilisation of our parking garages, we believe there is still a margin for additional pricing measures in the industry”, as Bender said.

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About APCOA PARKING

The APCOA PARKING Group is Europe's leading parking facility operator. During over 40 years in the business, the Group has gathered know-how in 12 European countries and a wide-spread client portfolio. More than 30 European airports have contracted APCOA to manage their parking facilities.

The APCOA Group manages over 1.4 million parking spots. APCOA's international background lets customers and property owners benefit from trend-setting and innovative parking services at more than 8,500 locations. Based on international know-how, local expertise, and long-term experience, the Group's 4,700 staff deliver bespoke technical solutions to meet specific contract requirements. The Group headquarters and the German branch office are located at Stuttgart Airport.

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